Field of the Invention
The present invention generally relates to online and/or mobile payments and more particularly to a location-based automatic payment system.
Related Art
More and more consumers are purchasing items and services over electronic networks such as, for example, the Internet. Consumers routinely purchase products and services from merchants and individuals alike. The transactions may take place directly between a conventional or on-line merchant or retailer and the consumer, and payment is typically made by entering credit card or other financial information. Transactions may also take place with the aid of an on-line or mobile payment service provider such as, for example, PayPal, Inc. of San Jose, Calif. Such payment service providers can make transactions easier and safer for the parties involved. Purchasing with the assistance of a payment service provider from the convenience of virtually anywhere using a mobile device is one main reason why on-line and mobile purchases are growing very quickly.
It is sometimes desirable to provide payments automatically. For example, a payer may have one or more reoccurring payments such as, for example, a mortgage payment, utility bills, etc, and the payer may instruct a payment service provider to make those payments automatically. Typically, the payer may create a time-based automatic payment by specifying a payee, a day of the month, and an amount for the automatic payment, and then the payment service provider will may that payment to that payee at that time every month. However, such conventional systems cannot account for reoccurring payments that may be variable with respect to time.
Thus, there is a need for an improved automatic payment system.